Thursday, 21 January 2016

A kidnapping incident can have a devastating effect on the family
and employer of a victim. Apart from the mental trauma, the financial impact of
paying a huge ransom cannot be ignored. This is where insurance cover for Kidnapping
and Ransom or K and R cover can help individuals and employers.

The demand for K and R insurance has seen an increase in India following
globalization and MNCs setting up operations in India. Those in need of such cover include organizations that
have high profile management and those that handle large amounts of cash or work
with sensitive information or technologies. Top executives of these companies prefer
to have K and R cover to protect themselves and their families. Employers too
opt for this insurance cover to protect against huge losses on ransom payments, business
interruption, litigation, adverse publicity and damage to reputation.

The cover provides financial and other resources to aid corporations and the families of
employees in resolving a ransom demand in a kidnap. Most policies also provide
financial resources for resolving extortion threats against corporate assets or products.

Another
important point is the purchase of K & R insurance must be confidential. The existence of
the coverage could create a target where none existed earlier.

ØFraudulent,
dishonest, or criminal acts of the Insured or a covered person(s), or any
person authorized by the Insured to have custody of ransom monies

ØMonies paid by a
covered person(s) in a situation where local authorities have declared such
payment illegal

ØMonies or property
surrendered away from the premises in any face to face encounter involving the
use or threat of force or violence unless surrendered by a person in possession
of such monies at the time of such surrender for the sole purpose of conveying it to pay an
extortion or demand for ransom monies previously communicated to the Insured or
a covered person(s); or

ØMonies or property
surrendered on the premises unless brought onto the premises after the demand
for ransom monies for the purpose of paying such demand; or

Premium Rating:

Rating of the policy shall depend upon
perceived risks by the underwriter after considering variables which include
geographical location, number
of employees in a particular
location, employee’s travels schedule, past kidnapping and ransom incidents,
nature of duties etc.

Policy features:

ØThe policy is generally issued on
reimbursement basis

ØThe policy includes limits per loss within
an aggregate policy limit

ØConsidering the peculiarities of the
policy, it is normally a condition that the existence of the policy is kept
confidential

In India K and R insurance is being
offered by private sector insurance companies. . To know more about getting the right insurance policy based on your
needs and an unbiased opinion on the best options please visit
www.zeninsure.com or call us on+91 9848884363

Monday, 18 January 2016

It can be unnerving when a collection of paintings, artifacts,
sculptures, paintings or jewelry that one has painstakingly collected over the
years gets stolen or damaged. It can be further detrimental if one cannot
recover one’s loss considering the investment made to acquire the collection.
This is where a fine arts policy offered by insurance companies can come to
one’s rescue.

Fine arts insurance is a specialized cover offered by
insurance companies that offer insurance cover for paintings, artifacts, antiques,
sculptures or jewelry and items of historical importance. Many believe that
such items are covered under a home insurance policy or a traditional fire
insurance policy. But this is not the case; they are either not covered or
partly covered under such traditional policies. So it is necessary to have a
specialized policy to protect such items.

A fine arts policy should ideally be on an all risk basis
with agreed values. The policy is
basically of two types:

Collectors of fine arts

Gallery owners of fine arts

The difference in the coverage is on factors like itemized
listing, value of the coverage, transit limits etc. Often individual owners of collections are
not aware of the value of their collection to get the appropriate coverage for
it. In such a situation it would be wiser to get the items appraised by a
professional appraiser. Many insurance companies offer the facility of an
appraiser to assess the value of the works of art every few years. This ensures that adequate insurance coverage
is provided to the collection and will also provide the insured with
documentary evidence for any future claims.

Fine arts insurance is offered by
many insurance companies but it is important to know the general coverage and
exclusions in such policies before opting for one. Some policies cover the home collection of
fine arts under the homeowner’s insurance policy.

Comparing prices of premiums of
policies of different insurance companies is important before taking a final
decision. A comparative analysis of the coverage and exclusions in the policies
of different companies will help to make a wise choice. One should also be
aware of the valuation method used by the company while settling a claim.

We will help you choose the right policy to
protect your valuable works of art. To know more about getting the right
insurance policy based on your needs and an unbiased opinion on the best
options please visit www.zeninsure.com or call us on+91
9848884363